Trump's D.C. hotel 'dramatically' crushed profit expectations
The Trump International Hotel in Washington, D.C., "dramatically" crushed profit expectations, raking in $1.97 million so far in 2017 while the Trump Organization had anticipated a loss of $2.1 million in the first four months of the year, The Washington Post writes. The numbers represent a 192 percent improvement on what the company had expected to earn.
In part, the Trump Organization had underestimated the amount people were willing to pay to stay in President Trump's hotel, with guests forking over an average of $652.98 a night compared with an average of $495 a night at other luxury hotels in the city, like the Hay-Adams, Four Seasons, and Willard. Additionally, the Trump Hotel's bar and restaurant have become go-to meeting places for big-spending Republicans in the capital; $8.2 million has been spent on food and drinks this year, the Post reports.
President Trump no longer runs the Trump Organization — management is handled by his sons — but he does still retain interest and technically profits off its successes. In light of the Trump International Hotel's success, that is sure to raise some eyebrows: "The basic integrity and credibility of the president of the United States of the federal procurement and contracting regime is at risk," George Washington University law professor Steven L. Schooner told The New York Times in January. "We are about to have a legitimate scandal on our hands."
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Jeva Lange was the executive editor at TheWeek.com. She formerly served as The Week's deputy editor and culture critic. She is also a contributor to Screen Slate, and her writing has appeared in The New York Daily News, The Awl, Vice, and Gothamist, among other publications. Jeva lives in New York City. Follow her on Twitter.
-
One great cookbook: 'The Zuni Café Cookbook' by Judy Rodgers
The Week Recommends A tome that teaches you to both recreate recipes and think like a cook
By Scott Hocker, The Week US Published
-
Stephen Miller is '100% loyal' to Donald Trump
He is also the architect of Trump's mass-deportation plans
By Joel Mathis, The Week US Published
-
Crossword: November 14, 2024
The Week's daily crossword
By The Week Staff Published
-
Boeing machinists approve contract, end strike
Speed Read The company's largest union approved the new contract offer, ending a seven-week strike
By Peter Weber, The Week US Published
-
US economy still strong in final preelection report
Speed Read It grew at a solid 2.8% annual rate from July through September
By Peter Weber, The Week US Published
-
Boeing machinists reject deal, continue strike
Speed Read The rejection came the same day Boeing reported a $6.2 billion quarterly loss
By Peter Weber, The Week US Published
-
Ports reopen after dockworkers halt strike
Speed Read The 36 ports that closed this week, from Maine to Texas, will start reopening today
By Peter Weber, The Week US Published
-
Empty-nest boomers aren't selling their big homes
Speed Read Most Americans 60 and older do not intend to move, according to a recent survey
By Peter Weber, The Week US Published
-
Brazil accuses Musk of 'disinformation campaign'
Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
By Rafi Schwartz, The Week US Published
-
Disney board fends off Peltz infiltration bid
Speed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
By Rafi Schwartz, The Week US Published
-
Disney and DeSantis reach detente
Speed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
By Peter Weber, The Week US Published